Raking muck, Part 6
Concluding our hexalogy, we look at a recent deal by COMG (0254). Existing shareholders were diluted to 2.54% in an acquisition valued at HK$1242m for a business which would need capital of HK$3.6m. We estimate that the vendor has already cashed in about $1812m by selling convertible bonds and shares. We also look at what comes next for COMG, and some unfinished business for the authorities. (11-Mar-2012)

Raking muck, Part 5
In the penultimate episode, we look at a transaction in progress by Railsmedia (0745) and how it connects with CPEC (8041), COMG (0254) and 3 shells. We also introduce a 10th listed company to the story, Zhi Cheng (8130) which has such a track record of value destruction that it has consolidated its shares by 200,000 to 1 since 2007. (11-Mar-2012)

Raking muck, Part 3
We now connect Joseph Lau to Executive Talent, and focus on a series of dubious transactions by Hycomm and the bubble in its stock while it did the coal mine hokey cokey, from which bubble Joseph Lau has profited hugely. We also look at the creation of Inno-Tech and the youngest infant mortality on GEM, Codebank. (5-Mar-2012)

Raking muck, Part 2
Continuing our series, we look at a set of over-priced acquisitions and questionable transactions by China Post e-Commerce and others, building a matrix which demonstrates the close connections between the persons involved. We call on the SFC to investigate. (27-Feb-2012)

Tsun Yip (8356) buys 17% of China New Media (HK) Co Ltd from Vicky Yu Wai Yin
Company announcement, 29-Jul-2011
For HK$70.04m of which $25m in cash and $45.04m in promissory notes. This follows the earlier purchase of 19% by Inno-Tech (0254) and the purchase 3 days ago of 7% by China Railsmedia (0745). The target is 51% owned by China Outdoor Media (8202). Its valuation is still claimed at $412m despite being loss-making and having negative net assets of $1m.

China Outdoor Media buys GMG Media Group Ltd from Jiang Qi Hang for HK$1242m
| Circular
Company announcement, 28-Dec-2009
Of which HK$13m in 100m shares @$0.13 (34.3% discount) and HK$1229m in 0% convertible bonds convertible @$0.13. The target had net liabilities of $9,000 at 31-Dec-2009. The PRC Company was set up on 11-Apr-2008 and had net assets of HK$1.93m at 31-Dec-2009 and 1 employee. Neither has commenced business.

China Post E-Commerce (8041) buys 40% of iKanTV Ltd from Win Today Ltd
Company announcement, 25-Sep-2009
For HK$77m in shares @$0.55. The announcement fails to disclose who owns the vendor, but subsequent shareholding filings show that it was 100% owned by Vicky Yu Wai Yin. The target is a loss-making startup with net liabilities of $4.26m and prior to this was 51% owned by China Outdoor Media (0254), which is in the process of selling 4% to the Company.

eCyberChina (0254) shares resumes trading after 4 years
Company announcement, 5-Oct-2007
After the 30:1 open offer to recapitalise the company, there are 4 placees arranged by the underwriter, who are said to be mutually independent and have no intention to join the board. 29.53% goes to Joseph Lau Chi Yuen, 11.25% to "Vicky Yu", 9.99% to "Frankie Ma" and 4.97% to Wu Ka Cheung, a total of 55.74%. Mr Lau joined the board as CEO 53 days later.

Pass the Portal
We'll show you how an architect set up a dysfunctional shipping web site with HK$0.39m of capital and sold 49% of it to Can Do Holdings for HK$78.4m (US$10m) - and now Can Do is trying to pass it on to eCyberChina. (25-Aug-2002)